VTuber Stock Watch List

Reminder: Check your calendar if it's April 1st already.

Find out how we monitor key players and supporting investors in Japan's VTuber scene.

Point of View

We believe that VTubers build the next generation of content worldwide, and the number of people participating in these activities are expected to grow over time, therefore giving opportunities for artists, modelers and talents alike to cultivate their communities, sharpen their skills and eventually grow their own businesses.

Our point of view is based on the fact that industries are investing into VTuber technology, industry and community—including the inclusion of major agencies ANYCOLOR Inc. (Nijisanji) and COVER Corp. (Hololive) into the Tokyo Stock Exchange, as well as the investment of industrial companies such as Daigas Group into Brave Group (PDF), among others.

Components of the VTuber Stock Watch

Three watchlists of securities traded in the Tokyo Stock Exchange are monitored at the end of the trading week (Fridays 3pm Japan Time):

  • Key Players: Companies with offices in Japan which operates VTuber agencies. These will be closely monitored every Friday after trading closes and will have its dedicated update on social media.
  • (Supporting) Investors: Companies with offices in Japan which do not operate VTuber agencies but have invested in any of the key players (through shares, underwriting, and any other form of contact as listed in the key players' cover letters). While these are included, there won't be any further update about these companies unless it's really warranted to do so.
  • Others: Select securities from Japan*. Same treatment applies as (Supporting) Investors.

* Other securities being monitored may include select overseas companies.

Key Players

ANYCOLOR Inc. (Securities Code: 5032)

  • Managing company of VTuber projects Nijisanji and Nijisanji EN; as well as VirtuaReal, a joint venture between ANYCOLOR and Bilibili (China). It is currently managing 224 talents, the biggest among all key players.

AnyMind Group (Securities Code: 5027)

  • End-to-end commerce enablement company founded in Singapore with headquarters in Tokyo, serving 13 markets globally.
  • Anymind enterted the Tokyo Stock Exchange Growth Market March 29 this year.
  • Its subsidiary GROVE announced its first VTuber project, Terametaru Gakuen on May 13, 2023.

Avex, Inc. (Securities Code: 7860)

Bandai Namco Entertainment (Securities Code: 7832)

  • The company behind mixed-media projects The iDOLM@STER and Love Live! School idol project series is also home to a system called Play by Live (プレイBYライブ), a decision-making AI.
  • An experimental project which uses this system is the Go Round Game YouTube channel featuring three characters and is followed by 3,800 subscribers.
  • Another subsidiary Bandai Namco Music Live was home to the GOOM Studio creative label which managed pioneering VTuber Mirai Akari from September 2020 until her graduation in March 2023. The label has stopped operations following Akari's graduation.

Bushiroad Inc. (Securities Code: 7803)

  • Bushiroad is home to collectible card games Cardfight!! Vanguard and Weiß Schwarz; as well as mixed-media franchises BanG Dream!, Shojo Kageki Revue Starlight, D4DJ and Tantei Opera Milky Holmes.
  • Known by many as a trading card game company, Bushiroad expanded into Japanese wrestling by first acquiring New Japan Pro Wrestling (2012) and then World Wonder Ring Stardom (2019).
  • Its subsidiary Bushiroad Creative has announced the establishment of a VTuber agency called Irodori Entertainment Post, composed of virtual actors Misono Yui, Fukumaku Yuka, and Fuyumori Shizuku, in December 2020.
  • Irodori Entertainment Post as a name is no longer being used, and its website directs to Bushiroad Creative, which is in charge of merchandising. Even so, the virtual actors are still active in streaming.

Cover Corporation (Securities Code: 5253)

  • Cover is the newest company to be listed in the Japanese stock market which debuted on March 27, 2023. The company and its anticipated stock listing led to the idea of setting up VTuber NewsDrop's Stock Watch.
  • Established as a tech company in 2016, it debuted Tokino Sora in 2017, giving birth to what is now known as Hololive Production, an agency managing 75 active VTuber talents under Hololive and Holostars brands.

GEO Holdings (Securities Code: 2681)

  • A diversified holding company operating businesses in Reuse, Off-Price Retailing, Mobile, Media, Online & Global segments.
  • Started as a video rental shop in 1986, GEO Group first listed on the then-JASDAQ, it is currently listed on the Prime Market of the TSE.
  • Its subsidiary viviON is home to Aogiri High School, managing the agency after being transferred through a partnership with Brave Group.

Gree, Inc. (Securities Code: 3632)

  • Gree, Inc. operates its social networking service which launched in February 2004. It has investments in gaming (Wright Flyer Studios, Pokelabo) and anime.
  • Part of its Investment and Incubation division is STRIVE, a venture capital which has provided funding for Cover Corporation.
  • Gree has business interests in VTubing—its game studio Wright Flyer Studios has a subdivision named Wright Flyer Live Entertainment (WFLE, est. 2018), which is in charge of smartphone application Reality.
  • WFLE also manages VTuber rappers Liz and Lita (known together as KMNZ), VESPERBELL and First Stage Production under its Reality Studios division.

Mobcast Holdings (Securities Code: 3664)

  • Mobcast's subsidiaries cater to the creation and production of intellectual properties (IP) for social games, lifestyle suggestions centered on cooking recipes, IP acquisition and expansion.
  • One of its subsidiaries, X-VERSE (formerly Mobcast Games), handles the MTProject in collaboration with TOM's Racing, which aims to increase the number of motorsports fans through the introduction of virtual race queens—Todoroki sisters Rin, Sachi and Non.

Rentracks Co., Ltd. (Securities Code: 6045)

  • Rentracks is a web consulting, affiliate service and internet media business which operates several branch offices in the Asian region.
  • In April 2019, Rentracks has disclosed its investment (PDF) of 30.024 million yen to PT. Citra Wahana Teknologi (ShintaVR).
  • Prior to Rentracks' investment, ShintaVR is behind one of the country's earliest VTubers, Maya Putri.
  • In October 2019, ShintaVR and Rentracks' Indonesian branch PT Rentracks Creative Works established the VTuber agency MAHA5.
  • In April 2021, MAHA5 branched to Japan.

Sony Group Corporation (Security Code: 6758)

  • Multinational conglomerate Sony started as an electronics company after World War II and went on as a pioneer in the media industry in the 70s and 80s with the development of the Compact Disc (CD).
  • Its subsidiary Sony Music Entertainment (Japan) was established in March 1968 pursuant as CBS Sony Records, pursuant to the joint venture agreement between Columbia Broadcasting System, Inc. and Sony Corporation.
  • Sony Music Entertainment (Japan) is home to VEE (veepigenesis), VERSEⁿ and the Virtual Cinderella Project (NHOT BOT). In May 2022, the company stepped in to manage and produce PRISM Project, home to 12 active talents.

Square Enix Co., Ltd. (Securities Code: 9684)

  • Square Enix is a company formed by a merger of video game companies Square (est. 1986) and Enix (est. 1975). It is also home to Gangan Comics (est. 1991), known for having published titles such as Soul Eater, Fullmetal Alchemist and Black Butler.
  • The company collaborates with talent agency Dear Stage (Denpagumi.inc) to produce Gems Company, home to 9 active virtual talents.

UUUM Co., Ltd. (Securities Code: 3990)

  • UUUM (pronounced Umu, just like how Nero Claudius says it) was established in 2013 by popular Japanese YouTuber Hikakin and Kazuki Kamada. It is managing more than 200 talents and has a network of over 14,000 YouTube channels.
  • The company currently manages YouTube channels such as Hito x Mina (Hitori and Mizumo), Sendy, and Inuneko who use 2D or 3D VTuber models.

Supporting Investors

  • Akatsuki Inc (3932)
  • Credit Saison Co., Ltd. (8253)
  • Dentsu Group Inc (4324)
  • Hakuhodo DY Holdings Inc (2433)
  • Itochu Corp (8001)
  • Matsui Securities Co Ltd (8628)
  • Mitsubishi UFJ Financial Group Inc (8306)
  • Mizuho Financial Group Inc (8411)
  • Monex Group Inc (8698)
  • Nomura Holdings Inc (8604)
  • Osaka Gas Co Ltd (9532)
  • Rakuten Group Inc (4755)
  • SBI Holdings Inc (8473)
  • Septeni Holdings Co Ltd (4293)
  • Sumitomo Mitsui Financial Group Inc (8316)
  • Sumitomo Mitsui Trust Holdings Inc (8309)


  • Alphabet Inc Class A (NASDAQ:GOOGL)
  • Alphabet Inc Class C (NASDAQ:GOOG)
  • Amazon.com, Inc. (NASDAQ:AMZN)
  • Bilibili Inc (HKG:9626)
  • Capital A Berhad (KLSE:CAPITALA)
  • Micro-Star International Co Ltd (TPE:2377)
  • Netflix Inc (NASDAQ:NFLX)
  • Rohto Pharmaceutical Co Ltd (TYO:4527)
  • Sega Sammy Holdings Inc (TYO:6460)
  • Suntory Beverage & Food Ltd (TYO:2587)
  • User Local Inc (TYO:3984)


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